Hey, look! Its the Las Vegas Sun mascot.
Ok, so what is really going on with this "debt limit"? According to Reason Magazine and the academics at the Mercatus Center at George Mason University, not much.
- August 2nd is an arbitrary date; it has already changed 4 times this year
- Reaching the debt limit does not mean default (you can max your credit card without defaulting, its CHOOSING not to pay the debt that results in default)
- Both Republicans and Democrats are simply using August 2nd to negotiate what they want for their respective tribe
- Our government is incompetent and has been for a long time
- Debt limit is meaningless - its been raised 100 times since 1917 and 10 times in the last 10 years. Additionally, government spending has increased by 60 percent in the last decade alone...far more than population growth and inflation combined. In other words, its the spending stupid!